Finance Minister Fatmir Besimi met Saturday Linda Van Gelder, World Bank’s Western Balkans Country Director and discussed about Integrated Financial Management Information System (IFMIS), which is one of the priorities for financing though the four-year Country Partnership Framework with the World Bank.
This system will provide integrated monitoring of revenues and expenditures, which will improve budget implementation, Ministry of Finance said in a press release.
Besimi said that the system is part of the new Budget Law, which was drafted and published in the Unique National Electronic Registry of Regulations of the Republic of North Macedonia (ENER). The new system envisaged by this reform will bring long-term planning, strengthening program planning, monitoring the implementation of projects and accordingly further allocation of funds. The introduction of this system will address several issues, including the planning and implementation of capital investments,” Besimi said.
He noted that the implementation of SMART (Strategical, Maintainable, Accountable, Reform-oriented, Transparent) concept that is strategic and measures results, is significantly important for the realization of the set development goals.
He pointed out that if in the past 10 years the average economic growth rate in the country was 2.6%, the government’s target after overcoming the COVID-19 crisis are growth rates to reach 4%.
In addition to a new reformed system of public finances, reforms in the direction of greater competitiveness, investments in human capital, digitalization, orientation towards a green economy, the fight against the grey economy and other structural reforms that would strengthen the system would also contribute to this development.
The meeting discussed the implementation of the four-year Country Partnership Framework 2019-2023 with the World Bank. The four-year projects are focused on three areas: to enhance export-led growth, strengthen human capital for inclusive development and build sustainability.
The World Bank has approved the following projects: Public Administration Modernization Project, the Local Roads Connectivity Project, the Agricultural Modernization Project, the Public Sector Energy Efficiency Project, the Western Balkans Trade and Transport Facilitation Project, and the Emergency COVID-19 Response Project.
Parliament is to discuss draft law on Emergency COVID-19 Response Project next week. The aim of the project is to prevent, detect, and respond to the threat posed by, COVID-19, and strengthen national systems for public health preparedness in North Macedonia.